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78彩票网app - Dow's Worst Loss Since '87 Crash; Fed Bazooka Fails to Halt Bears

Stock MarketsMar 12, 2020 04:07PM ET
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© Reuters.

78彩票网appBy Yasin Ebrahim?

Investing.com – The Dow plunged to its biggest-one day percentage loss since October 1987 as fears the spread of the novel coronavirus will pick up pace and usher in a global recession overshadowed the Federal Reserve's bold new stimulus measures to calm funding markets.

The Dow Jones Industrial Average78彩票网app fell nearly 10%, or 2,352 points, it worst one-day percentage drop since Black Monday when it lost 22.6%. It was the fourth-largest percentage drop for the blue chip index in history, rivaling those seen in 1929.

The S&P 500 plunged 9.5% and the Nasdaq Composite slumped 9.4%.

The rout on Wall Street for the second-straight day comes as investors upped their bearish bets on stocks despite the Federal Reserve unveiling $1.5 trillion in fresh liquidity to combat "temporary disruptions" in funding markets.

78彩票网appThe short-term pause in selling following the Fed announcement proved short-lived as investor sentiment on stocks continued to be swayed by the latest updates on the spread of the coronavirus, or Covid-19, which has killed nearly 5,000 people, with infections topping 133,000 worldwide.

In the U.S., where infections are feared to increase in the coming weeks, state-wide bans on large gatherings to limit the virus impact continued, with New York announcing announce a ban on gatherings of 500 or more people.

78彩票网appAgainst the backdrop of rising infections in the U.S., Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told a House committee he was "hopeful" the first trial patient will receive a coronavirus vaccine in a few weeks rather than in two to three months, as had been initially anticipated.

78彩票网appThe sea of red on Wall Street was led by a slump in energy as concerns over demand ?- as a result of the virus – ?were exacerbated after President Donald Trump revealed a travel ban for non-citizens and non-residents from 26 European countries - excluding the U.K and Ireland - into the U.S.

"Instead of instilling confidence, based on the market reaction afterwards, [the speech] had the opposite effect,"?said Phil Flynn at Price Futures in Chicago. "The talk of an EU travel ban was a blow for energy demand that is already grappling with the double assault of a Saudi Arabia versus Russia price war as well as concern for more coronavirus drop in demand."

Travel and airline also fell heavily, with Norwegian Cruise Line (NYSE:NCLH) down 36% and Carnival (NYSE:CCL) down 31%. American Airlines (NASDAQ:AAL) slumped 17.7% and United Airlines (NASDAQ:UAL) fell 25%.?

In tech, FANG stocks came under heavy pressure, with 78彩票网app (NASDAQ:FB), Netflix (NASDAQ:NFLX) falling more than 9%, and?Google and Amazon (NASDAQ:AMZN) down about 8%. Among the big tech stocks, however, 78彩票网app has been touted as the best bet to weather the storm, according to MKM Partners. But Google (NASDAQ:GOOGL78彩票网app)'s exposure to travel-related ads, however, makes the search-engine giant the most vulnerable to downside pressures, as travel demand has soured in the wake of the coronavirus outbreak, which has seen governments restrict travel.


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78彩票网app - Dow's Worst Loss Since '87 Crash; Fed Bazooka Fails to Halt Bears
 

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Comments (45)
CoinToss1 Mar 13, 2020 6:44AM ET
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All this commotion about the flu, jeez!
Robert Nathanson Mar 12, 2020 10:04PM ET
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President Trump needs to close the equity markets for two weeks or more till the panic subsides.
muluhak muluhak Mar 12, 2020 10:04PM ET
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Kim Jung Trump better not Close the markets. A barometer of market value and strength have always been the cornerstone of American capitalism...good or bad. we don't hide by skewing that barometer, we've made ...or our President has made bad decisions. Minimizing damage and sentiment could have prepared US weeks ago. He could have gotten his way by acting sooner and his markets would have followed. Instead he sat on his tiny *** breathig Hepa cleaned air in his White house bunkered office, whining about hoaxes, flus, unfairness, media.and the dilemmas of affluenza while the world watched their elders drown in their own fluids. The markets should certainly be reflected in sentiment Americans feel.
muluhak muluhak Mar 12, 2020 9:51PM ET
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Markets are reacting to Lagging government responses and rightfully so. Or maybe we should consider that government no longer serves its people. or maybe we should believe no government will ever be prepared for the crisis we're in today. Usher in the NWO to remedy all our concerns.
Justin General Mar 12, 2020 9:26PM ET
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NASDAQ still grossly overpriced at 7000
Justin General Mar 12, 2020 9:24PM ET
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NASDAQ is still grossly overpriced at 7000, during the middle of this last bull run it was exclaimed that the NASDAQ would never, I repeat NEVER get back to or exceed the 5000+ range set during the dot com bubble. it was an impossibility. 2000 more to go to get just there let alone wherever fair value lies.
AKASH KACHARE Mar 12, 2020 9:06PM ET
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I think Dow coming at 14000 levels next week.it's a horrible.
Miguel Ortega Mar 12, 2020 8:59PM ET
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The worst collapse I ever seen! :-(
Mike ND Mar 12, 2020 8:41PM ET
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Would like to thank China for ruining all our NCAA tournaments so many seniors got their senior year destroyed today.
JJ Dodgers Mar 12, 2020 8:41PM ET
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your welcome
Patrick Mueller Mar 12, 2020 8:41PM ET
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Jun Man Mar 12, 2020 8:17PM ET
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Trump is about himself, not our country... He does not care...
Ryan Morelli Mar 12, 2020 8:17PM ET
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Die
Robert Brandau Mar 12, 2020 8:17PM ET
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waste of breath
muluhak muluhak Mar 12, 2020 8:17PM ET
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Be careful, the Trump cult is always watching. It's like you are under communists control. Don't speak bad of Kim Jung Trump. Criticism results in whining responses and cognitive bias in familiar parallels to the media. Luckily I know intelligent Republicans, the ones pre-Trump, the ones who could form original thought and share open critiques of Presidential rights and wrongdoing. Jun Man, luckily they limit terms to 8 years and then the bottom tier of Trump supporters can go back to their finger painting and watching reruns of Honey boo boo.
Michael Hartmann Mar 12, 2020 7:51PM ET
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Wait for the credit market collapse. This will look very minor. How will all this debt be paid if there is no work.
stephen richards Mar 12, 2020 7:41PM ET
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DT is a lunitic
Sean Ng Mar 12, 2020 7:38PM ET
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Trump just embarrassed himself to Chinese. Never look down when ppl need help. So weak when handling crisis and now nobody want to help u out. Is payback time.
Jin News Mar 12, 2020 7:36PM ET
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People are overly panicked. only a handful have died but you're all acting like it's the end times
John Mars Mar 12, 2020 7:36PM ET
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Do you want to get the virus and potentially *****up your insides?
David9 Mar 12, 2020 7:21PM ET
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Trump taught us a life lesson... when others are weak, don't laugh at them, cause things can change quickly within weeks. Now US stock market erases all the gain of 2019 in just days.
Pragnesh Patel Mar 12, 2020 7:21PM ET
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2019? today it closed to level same as Jan 07, 2017. So erased 3 year of gains
JJ Dodgers Mar 12, 2020 7:21PM ET
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so it's about money?
Miguel Ortega Mar 12, 2020 7:21PM ET
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When a vaccine is on the market will be a rebound in Wall Street and the pharmaceutical stocks rise to the heaven.
John doh Mar 12, 2020 6:57PM ET
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Most companies are leverages and US economy is going to shutdown. nobody knows for how long along with European economy . US will lose about 15-25% of it's GDP , curfews, no flights,no leagues,no businesses? but FED makes sure all speculators and banks have enough funds to play with but forgets to support the real economy.
paturi naveen Mar 12, 2020 6:57PM ET
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Maybe you are seeing too gloomy scenarios which may not happen
Jack_A Mar 12, 2020 6:32PM ET
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This is a health crisis, but the administration is treating stock market. This is why this doesn't work!! Ignorant, Incompetent, and Insane!!!
paturi naveen Mar 12, 2020 6:32PM ET
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Health Crisis of coronavirus has no real proper treatment from the best doctors,scientists worldwide ,better to shut off other fires,or it will be worser
Jack_A Mar 12, 2020 6:32PM ET
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paturi naveen I am taking about health crisis, not the disease, they are different things.
Learntaswim Mar 12, 2020 6:32PM ET
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paturi naveen More worser
Amiel Patrick Alba Mar 12, 2020 6:27PM ET
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Dna
Hs Sh Mar 12, 2020 6:13PM ET
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bernie
Henry Garcia Mar 12, 2020 6:05PM ET
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Does everyone realize that we are breaking records every other day? Soon the markets will go down an average of 10% each day. That's what we get when we put a fake president in the oval office. The WH is not even trying to deal with the crisis. Trump is only trying to stop the bleeding in the markets when we all care about our health first. I don't care if the market crashes tomorrow as long as we can all make alive from the current pandemic.
paturi naveen Mar 12, 2020 6:05PM ET
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Yes we have to save lives as it is more important,not worry enough financed bulls,who are just waiting few weeks to get market to the highs of 1 month back,unfortunately no doctors to cure the more infected ,vulnerable victims worldwide,(who according to rich who will never be affectedare callous enough not to bother if they were dead ,alive,suffering are not factors of stock market and moey making)
Ryszard Ewiak Mar 12, 2020 6:00PM ET
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I'm not surprised by this. The Bible says: "At the appointed time [the king of the north] will return back." (Daniel 11:29a) The return of Russia in this context means crisis, which will eclipse the Great Depression. Not only the eurozone will break up, but also the European Union and NATO. Many countries of the former Eastern block will return to a military alliance with Russia.
no Way Mar 12, 2020 5:55PM ET
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bye bye traitor trump. Joe has prematurely been installed as president. federal agencies have begin taking his orders and traitor trump is being prepared for quarantine
Hs Sh Mar 12, 2020 5:55PM ET
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that's right nothing works here.. mostly mad at Dem estsblihment. M4A should have been passed to handle situations like these.
Henry Garcia Mar 12, 2020 5:55PM ET
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We should put his twitter account in quarantine for two weeks. Oh, I wonder if twitter will survive this market crash. Trump should start buying the stock to support the company. The share price can go to IPO or below IPO prices. Without TWT, the markets would behave like they should.
Chazlin Naidoo Mar 12, 2020 5:47PM ET
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Mr Mark Manley if you making money and calling others frightened little spectators, it seems to me that you are contradicting yourself. Why not keep quiet and continue making money. So if we are not spectators than you lose money? A 7 year old will laugh at you cause you not making any sense...LOL
Mark Manley Mar 12, 2020 5:35PM ET
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A big thanks to all of you frightened little speculators, I'm making money hand over fist off of your predictable fear-based trading, keep it up!
Jerry Yu Mar 12, 2020 5:09PM ET
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This shows the damage of Chinese communist regime is phenomenal, through its artificial Wuhan coronavirus. The next round will be cyber attack through the computer virus. Wake up guys.
Jerry Yu Mar 12, 2020 5:09PM ET
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That is why the government is blocking Huawei as much as it could, because large scale computer virus attack can damage financial market, banking system, datacenters, public services etc. will cost the lifes of people and destroy companies etc. No joke. Cyber virus outbreak is not something you want to experience.
David9 Mar 12, 2020 5:09PM ET
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Check out France, UK, they now allow Huawei. Europe too, and Canada too, Russia too, and so will many others. Time for Huawei brand to rein supreme.
David9 Mar 12, 2020 5:09PM ET
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Looks like only US alone will do that. Lol
SomeToast Mar 12, 2020 5:07PM ET
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“You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.” - ANDREW JACKSON
 
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